By Brandy Bissett
The vehicle remarketing process can pose challenges to lenders of all sizes. Managing a sudden increase in inventory while navigating vital relationships with auction houses and transporters is a complex undertaking, to say the least.
A successful vehicle remarketing strategy goes far beyond advertising or shipping inventory. Ideal results occur when a lender or dealer partners with an expert that has access to outstanding technology, uses established processes and has built trusted relationships within the industry.
Ultimately, third-party remarketers allow lenders to boost their return by focusing on five key areas.
Shortening Turnaround Times
A savvy remarketing partner will help sell vehicles faster by transporting the vehicle to auction as quickly as possible. This not only expedites the sale, it also results in lower storage fees. Leveraging electronic delivery channels for payments, reports and sales lists throughout the entire remarketing process can further streamline the process.
To ensure that you get the greatest return, third-party remarketers will make needed repairs that add value and use external resources to set the best floor price. Third-party remarketers who have established relationships with a variety of auction houses can negotiate competitive auction rates that include storage, repair and sale fees. They also negotiate the best lane placement once the vehicle reaches auction, and make use of multiple internet sales channels.
Lowering Operational Costs
A remarketing partner will shop around for the lender to locate the best transport, storage, sale and repair options. After the vehicle is sold, third-party remarketers carefully review the post-sale report to make sure the lender’s record of expenses matches that of any third-party resource they have used. Third-party remarketers can also implement an automated system to flag expenses that exceed a specified threshold if needed.
Streamlining Lender Processing
A national remarketing provider often has the leverage to lower lender fees and increase sale price, while simultaneously managing the day-to-day issues. As an example, pricing and lane placement are often based on the volume of vehicles brought to auction. A national remarketing provider has the industry clout to positively affect lane placement and, ultimately, overall pricing and sale of lender vehicles at auction.
A remarketing provider with internal tracking and reporting standards can more accurately measure internal and third-party results. This enables lenders to calculate net profit by letting them know exactly how much was spent to sell each vehicle.
A Personalized Plan for Success
The key is to partner with experts who can deliver on all of these components. While individual components will streamline some aspects of the remarketing process, all five are key to maximizing value.
defi SOLUTIONS’ remarketing service is built on a foundation of delivering expert remarketing strategies for lenders and dealers of all sizes. Our services are backed by market-setting technology solutions and partnerships with leaders in the auto remarketing industry. With more than one million vehicles sold, we offer a name that is recognized and trusted in the industry.
As a remarketing servicer, we not only mind all of the necessary particulars, we offer tailored blueprints to meet our customers’ specific goals and objectives. We have honed our approach to deliver a higher return on the resale of off-lease and repossessed vehicles. The result: you waste less time chasing after the details so you can invest more time growing your business wisely.
defi SOLUTIONS offers lenders an end-to-end, total solution for the loan or lease lifecycle. Partnering with captives, banks, credit unions, and finance companies, defi’s market-leading solution helps lenders exceed borrower expectations. From digital engagement through the complete lending process, defi sets new standards for flexibility, configurability, and scalability in originations and servicing (by your experts or ours). If you’re curious about the possibilities of a complete end-to-end solution for your unique lending lifecycle, take the first step. Contact our team today or register for a demo.